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<br />STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") CONTINUED
<br />386 (ii) TITLE EXAMINATION: Buyer shall have 5 days after receipt of Title Commitment to examine it and notify Seller
<br />387 in writing specifying defect(s), if any, that render title unmarketable. If Seller provides Title Commitment and it is
<br />388 delivered to Buyer less than 5 days prior to Closing Date, Buyer may extend Closing for up to 5 days after date of
<br />389 receipt to examine same in accordance with this STANDARD A. Seller shall have 30 days ("Cure Period") after
<br />390 receipt of Buyer's notice to take reasonable diligent efforts to remove defects. If Buyer fails to so notify Seller, Buyer
<br />391 shall be deemed to have accepted title as it then is. If Seller cures defects within Cure Period, Seller will deliver
<br />392 written notice to Buyer (with proof of cure acceptable to Buyer and Buyer's attorney) and the parties will close this
<br />393 Contract on Closing Date (or if Closing Date has passed, within 10 days after Buyer's receipt of Seller's notice). If
<br />394 Seller is unable to cure defects within Cure Period, then Buyer may, within 5 days after expiration of Cure Period,
<br />395 deliver written notice to Seller: (a) extending Cure Period for a specified period not to exceed 120 days within which
<br />396 Seller shall continue to use reasonable diligent effort to remove or cure the defects ("Extended Cure Period"); or
<br />397 (b) electing to accept title with existing defects and close this Contract on Closing Date (or if Closing Date has
<br />398 passed, within the earlier of 10 days after end of Extended Cure Period or Buyer's receipt of Seller's notice), or (c)
<br />399 electing to terminate this Contract and receive a refund of the Deposit, thereby releasing Buyer and Seller from all
<br />400 further obligations under this Contract. If after reasonable diligent effort, Seller is unable to timely cure defects, and
<br />401 Buyer does not waive the defects, this Contract shall terminate, and Buyer shall receive a refund of the Deposit,
<br />402 thereby releasing Buyer and Seller from all further obligations under this Contract.
<br />403 B. SURVEY: If Survey discloses encroachments on the Real Property or that improvements located thereon
<br />404 encroach on setback lines, easements, or lands of others, or violate any restrictions, covenants, or applicable
<br />405 governmental regulations described in STANDARD A (i)(a), (b) or (d) above, Buyer shall deliver written notice of
<br />406 such matters, together with a copy of Survey, to Seller within 5 days after Buyer's receipt of Survey, but no later
<br />407 than Closing. If Buyer timely delivers such notice and Survey to Seller, such matters identified in the notice and
<br />408 Survey shall constitute a title defect, subject to cure obligations of STANDARD A above. If Seller has delivered a
<br />409 prior survey, Seller shall, at Buyer's request, execute an affidavit of "no change" to the Real Property since the
<br />410 preparation of such prior survey, to the extent the affirmations therein are true and correct.
<br />411 C. INGRESS AND EGRESS: Seller represents that there is ingress and egress to the Real Property and title to
<br />412 the Real Property is insurable in accordance with STANDARD A without exception for lack of legal right of access.
<br />413 D. LEASE INFORMATION: Seller shall, at least 10 days prior to Closing, furnish to Buyer estoppel letters from
<br />414 tenant(s)/occupant(s) specifying nature and duration of occupancy, rental rates, advanced rent and security
<br />415 deposits paid by tenant(s) or occupant(s)("Estoppel Letter(s)"). If Seller is unable to obtain such Estoppel Letter(s)
<br />416 the same information shall be furnished by Seller to Buyer within that time period in the form of a Seller's affidavit
<br />417 and Buyer may thereafter contact tenant(s) or occupant(s) to confirm such information. If Estoppel Letter(s) or
<br />418 Seller's affidavit, if any, differ materially from Seller's representations and lease(s) provided pursuant to Paragraph
<br />419 6, or if tenant(s)/occupant(s) fail or refuse to confirm Seller's affidavit, Buyer may deliver written notice to Seller
<br />420 within 5 days after receipt of such information, but no later than 5 days prior to Closing Date, terminating this
<br />421 Contract and receive a refund of the Deposit, thereby releasing Buyer and Seller from all further obligations under
<br />422 this Contract. Seller shall, at Closing, deliver and assign all leases to Buyer who shall assume Seller's obligations
<br />423 thereunder.
<br />424 E. LIENS: Seller shall furnish to Buyer at Closing an affidavit attesting (i) to the absence of any financing
<br />425 statement, claims of lien or potential lienors known to Seller and (ii) that there have been no improvements or
<br />426 repairs to the Real Property for 90 days immediately preceding Closing Date. If the Real Property has been
<br />427 improved or repaired within that time, Seller shall deliver releases or waivers of construction liens executed by all
<br />428 general contractors, subcontractors, suppliers and materialmen in addition to Seller's lien affidavit setting forth
<br />429 names of all such general contractors, subcontractors, suppliers and materialmen, further affirming that all charges
<br />430 for improvements or repairs which could serve as a basis for a construction lien or a claim for damages have been
<br />431 paid or will be paid at Closing.
<br />432 F. TIME: Time is of the essence in this Contract. Calendar days, based on where the Property is located, shall
<br />433 be used in computing time periods. Other than time for acceptance and Effective Date as set forth in Paragraph 3,
<br />434 any time periods provided for or dates specified in this Contract, whether preprinted, handwritten, typewritten or
<br />435 inserted herein, which shall end or occur on a Saturday, Sunday, national legal public holiday (as defined in 5
<br />436 U.S.C. Sec. 6103(a)), or a day on which a national legal public holiday is observed because it fell on a Saturday or
<br />437 Sunday, shall extend to the next calendar day which is not a Saturday, Sunday or a day on which a national legal
<br />438 public holiday is observed.
<br />439 G. FORCE MAJEURE: Buyer or Seller shall not be required to exercise or perform any right or obligation under
<br />440 this Contract or be liable to each other for damages so long as performance or non-performance of the right or
<br />441 obligation, or the availability of services, insurance, or required approvals essential to Closing, is d' rupted, delayed,
<br />Buyer's Initialszor._A
<br />Page 8 of 12 Seller's InitisA)
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